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Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences

  • M. Casari
  • D. Dragone

We study intertemporal choices through an experiment that elicits a subject's plan and then tracks its implementation over time. There are two main results. When facing a costly task to be completed under a deadline, two thirds of subjects prefer anticipating it rather than postponing it. Choice reversals are common although present-biased preferences alone cannot explain them. This evidence is compatible with models based on anticipatory feelings and stochastic utility.

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File URL: http://www2.dse.unibo.it/wp/WP777.pdf
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Paper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number wp777.

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Date of creation: Jul 2011
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Handle: RePEc:bol:bodewp:wp777
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  1. Robin Cubitt & Daniel Read, 2007. "Can intertemporal choice experiments elicit time preferences for consumption?," Experimental Economics, Springer, vol. 10(4), pages 369-389, December.
  2. Marco Casari & Davide Dragone, 2010. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Jena Economic Research Papers 2010-087, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  3. Casari, Marco, 2006. "Pre-Commitment and Flexibility in a Time Decision Experiment," Purdue University Economics Working Papers 1183, Purdue University, Department of Economics.
  4. Reuben, Ernesto & Sapienza, Paola & Zingales, Luigi, 2008. "Time discounting for primary and monetary rewards," MPRA Paper 10650, University Library of Munich, Germany.
  5. Saul Pleeter & John T. Warner, 2001. "The Personal Discount Rate: Evidence from Military Downsizing Programs," American Economic Review, American Economic Association, vol. 91(1), pages 33-53, March.
  6. Pender, John L., 1996. "Discount rates and credit markets: Theory and evidence from rural india," Journal of Development Economics, Elsevier, vol. 50(2), pages 257-296, August.
  7. Alexander L. Brown & Colin F. Camerer & Zhikang Eric Chua, 2006. "Learning and Visceral Temptation in Dynamic Savings Experiments," Levine's Bibliography 321307000000000048, UCLA Department of Economics.
  8. Manzini, Paola & Mariotti, Marco, 2010. "Moody Choice," IZA Discussion Papers 5005, Institute for the Study of Labor (IZA).
  9. Stefano DellaVigna & Ulrike Malmendier, 2006. "Paying Not to Go to the Gym," American Economic Review, American Economic Association, vol. 96(3), pages 694-719, June.
  10. Maribeth Coller & Melonie Williams, 1999. "Eliciting Individual Discount Rates," Experimental Economics, Springer, vol. 2(2), pages 107-127, December.
  11. Casari, Marco & Dragone, Davide, 2011. "On negative time preferences," Economics Letters, Elsevier, vol. 111(1), pages 37-39, April.
  12. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  13. Tomomi Tanaka & Colin F. Camerer & Quang Nguyen, 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam," American Economic Review, American Economic Association, vol. 100(1), pages 557-71, March.
  14. repec:ubc:pmicro:halevy-04-10-29-10-08-43 is not listed on IDEAS
  15. Halevy, Yoram, 2004. "Strotz meets Allais: Diminishing Impatience and the Certainty Effect," Microeconomics.ca working papers yoram_halevy-2004-16, Vancouver School of Economics, revised 25 Feb 2014.
  16. Schelling, Thomas C, 1978. "Egonomics, or the Art of Self-Management," American Economic Review, American Economic Association, vol. 68(2), pages 290-94, May.
  17. Azfar, Omar, 1999. "Rationalizing hyperbolic discounting," Journal of Economic Behavior & Organization, Elsevier, vol. 38(2), pages 245-252, February.
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